Cross-Border M&A in Spain: Trends, Opportunities and Outlook for 2026

 

Cross-border M&A in Spain continues to consolidate its position as one of the main drivers of business growth in 2026. In an environment where international investors prioritize markets capable of offering consolidation opportunities, operational improvement and inorganic growth, Spain remains in a strong position thanks to its transactional dynamism and the growing weight of international deals. According to Albia IMAP’s report, the percentage of cross-border transactions in Spain has increased from below 50% in 2020 to around 55% in 2024 and 2025, confirming the attractiveness of the Spanish market for foreign buyers and investors.

A macroeconomic backdrop that continues to support M&A activity

Spain has reached this stage of the cycle with several macroeconomic indicators that have supported mergers and acquisitions activity. The report highlights real GDP growth of 3.1% in 2024 and 2.5% in 2025, above the eurozone average over the same period. This is accompanied by more contained inflation than in other European markets and a positive evolution in unemployment compared to the levels seen over the past decade. Together, these factors have reinforced the perception of Spain as an attractive market for investment and corporate transactions.

However, the report also underlines that this scenario coexists with certain structural challenges. These include low productivity per worker, limited R&D intensity, lower investment per employee than the European average, and public finances that continue to show underlying imbalances. This combination makes Spain particularly attractive for buy-and-build strategies, sector consolidation and transactions driven by operational improvement, rather than for pan-European projects led by large-scale local companies.

Cross-border activity is gaining weight in the Spanish market

One of the report’s main messages is that cross-border activity is not only holding steady, but has gained relevance within the Spanish M&A market. Following the decline recorded during the pandemic year, total deal volume rebounded to around 3,600 transactions in 2024, while the estimate for 2025 remains in line with the levels seen between 2021 and 2023. In addition, close to 80% of transactions correspond to M&A, Private Equity or asset deals, with the remainder linked to Venture Capital.

This growth has been accompanied by a sustained increase in the international component. The report shows that, in 2025, the composition of transactions in Spain is distributed approximately as follows: 45% domestic, 30% inbound, 14% outbound and 11% related to foreign asset disposals, confirming the structural weight of cross-border activity within the Spanish transactional ecosystem.

The United States, the United Kingdom and France lead investor interest in Spain

With regard to the origin of international buyers, the United States has been the most active country since 2020, following an upward trend through to 2024. However, the report notes that in 2025 France and the United Kingdom gained greater prominence, moving ahead of the U.S. in number of transactions. Other European markets such as Germany, Italy and the Netherlands also appear, although with lower relative volumes.

On the outbound side, the picture is more diversified. Portugal has consistently led as the main destination for Spanish deals since 2020, followed by the United States. Italy, Germany, the United Kingdom and France complete the list of key target markets, while Brazil has recently gained relevance within the Latin American block. This trend confirms that Spanish companies continue to use international M&A as a way to strengthen positioning, gain scale and access new markets.

Private Equity reinforces the international nature of M&A in Spain

The report also shows strong internationalization in Private Equity activity in Spain. In 2020, close to 63% of PE transactions were cross-border; this figure rose to 74% in 2024 and remained at elevated levels in 2025. Even more significantly, 97% of the total value of Private Equity transactions corresponded to cross-border deals, reflecting the weight of international capital in the Spanish market.

This trend reinforces a clear strategic reading: Spain continues to be a priority market for funds and investors seeking diversification, growth platforms and consolidation opportunities in fragmented sectors. In practice, this creates a favorable environment for business owners and companies looking to explore sale processes, integration opportunities or international growth with the right advisory support.

Sectors showing the strongest momentum in cross-border consolidation

The report identifies several verticals where cross-border consolidation activity was particularly visible during 2025. These include software technology, food and beverages, healthcare, industrial technical services and professional services. Within these areas, specific niches with high transactional intensity include logistics, travel, legal/compliance, hospitals and clinics, pet care, fire protection, energy, HVAC, auditing, consulting and ESG.

This pattern confirms a familiar mid-market reality: cross-border processes tend to accelerate where there is sector fragmentation, a need for specialization, competitive pressure and clear potential to build larger-scale platforms. For companies positioned in these segments, the environment remains favorable for launching both inbound and outbound strategic transactions.

What to expect from cross-border M&A in Spain in 2026

Looking ahead to 2026, Albia IMAP expects Spain to remain well positioned on the European M&A map. The report suggests that the total number of transactions could remain at levels similar to 2025, supported by several factors: reasonably favorable macroeconomic conditions, fragmented sectors, generational business succession and continued international investor interest. It also notes that, in a context of growing geopolitical tensions, inorganic growth within each major economic bloc could intensify, further reinforcing cross-border transactions between countries with stronger regional ties.

In this context, Spain will continue to be a relevant market for European groups seeking external growth, as well as for companies and investors looking to capitalize on opportunities for consolidation, international expansion and value creation through corporate transactions.

The importance of having an expert advisor in cross-border transactions

Cross-border transactions require far more than financial expertise. They demand sector knowledge, international execution capabilities, coordination of multidisciplinary processes and a deep understanding of regulatory, cultural and strategic differences between markets. The report itself highlights that at Albia, more than 50% of M&A transactions involving Spanish companies in recent years have been cross-border, both inbound and outbound. In addition, IMAP completed 254 transactions in 2025, with more than 500 professionals, presence in 50 countries, more than 70 offices, and more than 33% of deals being cross-border globally.

For companies considering an international sale, a strategic acquisition or a consolidation process beyond their domestic market, having a partner with global vision and local execution makes a real difference to the outcome of the transaction.

Cross-border M&A in Spain continues to show a solid trajectory and will remain a key avenue for business growth in 2026. The increasing weight of international transactions, the sustained interest of foreign investors and consolidation in strategic sectors demonstrate that the Spanish market continues to generate relevant opportunities for companies, shareholders and investors.

At Albia IMAP, we support companies in acquisition, disposal and international growth processes, combining local expertise, sector knowledge and global reach to maximize value in every transaction.

 

Read our full report on cross-border M&A in Spain by clicking here.